126 million covered by Jan Suraksha Yojana

About 126 million people have been covered by the Pradhan Mantri Jan Suraksha Yojana a year after the insurance and pension scheme was launched.

With no increase in premiums in the second year of the policy, insurers are expecting larger volumes to be generated in 2016-17.

Data from the Jan Suraksha Yojana website show more men have been covered by the scheme than women. The accident plan had the highest enrolment at 94.2 million, followed by 29.6 million for term insurance and then the pension plan. The premium is Rs 330 for the life plan and Rs 12 for the accident plan.

The pension scheme has the government contributing Rs 1,000 or half the subscriber's share, whichever is lower, for five years if the enrolment is before December 2016. It guarantees a minimum monthly pension of Rs 1,000.

State Bank of India had the highest enrolment followed by Punjab National Bank and Andhra Bank. The performance to potential ratio showed Indian Bank, State Bank of Bikaner & Jaipur and Bharatiya Mahila Bank were the top three banks.

Banks are an integral part of the scheme because both the policy and claim will be dealt through them. Insurers offering the scheme must tie up with a bank because premiums cannot be paid in cash.

Insurers fear the premiums will not cover administration and distribution costs. But the government has decided against increasing premiums till 2017-18.